Orbex secures £6.4m Series B follow-on investment from the European Space Agency
The European Space Agency has awarded Orbex funding through its Boost! commercial space transportation programme.
Orbex develops space launch services and rockets designed to transport small satellites into orbit. Initial operations are planned from SaxaVord Spaceport in Shetland.
Orbital Express Launch, trading as Orbex, has secured £6.4m in Series B follow-on investment from the European Space Agency. The funding will support the completion of spaceflight systems ahead of the inaugural launches of the Prime microlauncher rocket.
The award forms part of the European Space Agency Boost! programme and marks the largest grant issued by the initiative to date. Orbex is supplementing the public award with an additional €4.7m in matching private investment to drive the development of lightweight avionics and guidance systems.
Work on the rocket technology will take place across facilities in the UK and Portugal, with key manufacturing centered in Forres, Scotland. The injection of capital is expected to accelerate local recruitment as the company prepares for its first commercial flights from Space Hub Sutherland.
From the founder
"We very much appreciate the investment in new, commercially-focused microlauncher technologies from ESA’s new Boost! programme,"
Chris Larmour
CEO at Orbex
Investor perspective
"The UK’s space industry is thriving and we have bold ambitions to be Europe’s leading destination for small satellite launches, developing world class commercial spaceflight capability up and down the country,"
Amanda Solloway
UK Science Minister, UK Space Agency
Use of funds
- 01Continue product development
- 02Grow the team